U.S. Trade Deficit Rebounds in November on Capital Goods Imports

The U.S. trade deficit widened to $56.8 billion in November, up from $29.2 billion in October, as imports of computers and semiconductors surged to support the nation’s ongoing technology investment boom, according to Commerce Department data released Thursday.

The November figure represents a sharp rebound from October’s unusually low deficit—the smallest since June 2009—which was driven by temporary swings in gold and pharmaceutical trade. The three-month moving average deficit stood at $44.7 billion, down $33.8 billion from the same period a year earlier, suggesting underlying improvement beneath the monthly volatility.

Imports rose 5 percent to $348.9 billion in November, led by a $7.4 billion increase in capital goods. Computer imports jumped $6.6 billion, while semiconductor imports rose $2.0 billion. Pharmaceutical preparations surged $6.7 billion after declining sharply in October.

Exports fell 3.6 percent to $292.1 billion, driven primarily by declines in nonmonetary gold ($4.2 billion), other precious metals ($2.6 billion), and pharmaceutical preparations ($2.9 billion). The gold movements, which totaled $11 billion between October and November, are routinely stripped from GDP calculations by the Bureau of

The capital goods import surge reflects continued strong demand for technology infrastructure, particularly equipment for artificial intelligence and data center buildout. During November, these products remained largely exempt from tariffs under existing policy.

Year-to-date through November, the goods and services deficit increased $32.9 billion, or 4.1 percent, from the same period in 2024. Exports increased 6.3 percent while imports increased 5.8 percent.

The real goods deficit, adjusted for price changes, increased $23.5 billion or 36.9 percent in November, compared to a 47.3 percent increase in the nominal deficit, indicating some price effects contributed to the monthly swing.

Bilateral trade deficits in November included Mexico ($17.8 billion), Vietnam ($16.2 billion), Taiwan ($15.6 billion), China ($14.7 billion), and the European Union ($14.5 billion). The EU deficit increased $8.2 billion from October as exports fell $0.4 billion and imports rose $7.7 billion.

The trade data comes as U.S. productivity growth has accelerated sharply, with nonfarm business sector productivity increasing 4.9 percent in the third quarter of 2025, the strongest pace in years. The capital equipment being imported—particularly semiconductors and computing infrastructure—represents inputs to the technology sector that has driven much of the productivity gains.